Bitcoin was mostly flat on Friday as buyers and sellers appear to be in a stalemate. The world’s largest cryptocurrency is up about 6% over the past week and is expected to hold support above $30,000 into the weekend.
- S&P 500: 4352.4 +0.75%
- Gold: $1786.97, 0.58%
- 10-year Treasury yield closed at 1.437%, compared with 1.463% on Thursday
Bitcoin’s implied volatility remains elevated despite rangebound trading since mid-May, according to options data provider Skew. This suggests traders are not complacent given the recent stabilization in price. There is still some uncertainty present in the options market at the beginning of July.
“As spot trades lower, the market has yet to find its footing,” Balani wrote. “As long as players write upside exposure in size, a rangebound play with more downside risk seems likely.”
Bitcoin lags crypto stocks
Crypto related stocks such as Coinbase (NASDAQ: COIN) and Riot Blockchain (NASDAQ: RIOT) have outperformed bitcoin over the past few months, albeit within a tight range. Some traders are looking for a breakout or breakdown in stocks as a leading signal for bitcoin in the coming weeks.
Cashing out of Grayscale Bitcoin Trust
The bitcoin market could get a boost this month from the expiration of investor restrictions on the sale of shares in the Grayscale Bitcoin Trust (GBTC), the world’s largest cryptocurrency fund. Grayscale is owned by the Digital Currency Group, which is also the parent company of CoinDesk.
Some digital asset analysts and investors say it’s possible some of these investors might need to enter the market to buy bitcoin in order to repay cryptocurrency loans they used to finance their original purchases of the GBTC shares.
- USDC on Tron: The circulating supply of USD coin (USDC) on the Tron blockchain has surpassed 108 million in less than a month, according to blockchain data. This could be another sign that crypto traders are increasingly turning to blockchains that provide cheaper transaction fees with faster speed than what’s found on Ethereum.
- Grayscale buys ADA: Grayscale Investments added ADA, the native token of the Cardano blockchain, to its Digital Large Cap Fund. The digital asset manager has sold some existing constituents of the fund and used the proceeds to purchase ADA.
Most digital assets on the CoinDesk 20 ended up lower on Friday.
Notable winners as of 21:00 UTC (4:00 p.m. ET):
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